Thursday morning started with soft export sales, but 11am brought a friendly WASDE. Corn yield at 177 was a bullish surprise, although I think at some point more exports need to materialize. 791 1/2, plus 3 with a $8 high. Wheat stole the show with almost every report aspect positive and limit bid for a bit, closing 65 3/4 higher, 1178 3/4. Beans up 7 to 1613 3/4 and nothing really overly friendly there, or in the products. Rice up 17 1/2 to 1717 1/2 and nothing for a bear to hang a hat on, and heaven knows the commercial is looking for any reason to push us down. Dow closed off another 91 points, 31,652, but that was a 500-point bounce from the lows, with bonds banging against 141 resistance, 140.30, up a point and 10 tics. If the Dow is going to hold and bonds are going to fold, its time.
Comments are closed.